(5%)
Z is a Filipino immigrant living in the United States for more than 10 years. He is retired and he came back to the Philippines as a balikbayan. Every time he comes to the Philippines, he stays here for about a month. He regularly receives a pension from his former employer in the United States, amounting to US$1,000 a month. While in the Philippines, with his pension pay from his former employer, he purchased three condominium units in Makati which he is renting out for P15,000 a month each.
a) Does the US$1,000 pension become taxable because he is now residing in the Philippines? Reason briefly.
b) Is his purchase of the three condominium units subject to any tax? Reason briefly.
c) Will Z be liable to pay income tax on the P45,000 monthly income? Reason briefly.
Showing posts with label balikbayan. Show all posts
Showing posts with label balikbayan. Show all posts
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